ICAC defends release of Obeid finances

The ICAC Commissioner made Eddie Obeid's finances public, saying assets which should have gone to the state have 'gone elsewhere'.

AAP: Dean Lewins

The commissioner of the Independent Commission Against Corruption (ICAC) has defended making the finances of a former NSW Labor minister public, saying assets which should have gone to the state have "gone elsewhere".

The ICAC is investigating allegations Eddie Obeid and his associates stood to profit $100 million from inside knowledge about mining tenders.

Before witnesses started giving evidence today, Mr Obeid's barrister, Stuart Littlemore, criticised the way the media had reported on his client's finances.

Mr Littlemore said some matters had been reported with "appalling prurience", and he asked for the chance to redress what he called "the reputational harm" to his client.

But Commissioner David Ipp said the Obeid family finances were in the public interest because the inquiry was looking at how assets that should have gone to the state have gone somewhere else.

The first person in the witness box today was farmer Stuart Andrews, who wore a red tie with cows on it and represented himself.

Mr Andrews owns the property Tarwyn Park and has lived in the Bylong Valley for 38 years.

He told the inquiry he was the captain of the local Rural Fire Service unit and his wife was the principal at the local school which had just five students.

Mr Andrews said a geologist who worked for Anglo Coal came to his property in 2003 seeking access to dig a hole.

But he said at the time he knew of no plans for mining licences in the area.

He also denied knowing that "rumours were rife" around 2008 about a big mining venture coming to the Bylong Valley.

It had previously been said that members of the Obeid family spread that rumour to give the illusion they were trying to "save" the Bylong Valley.

Mr Andrews told the inquiry his response to those rumours was "a word starting with B" that he was unable to use publically.

He also said he helped set up the Bylong Valley Protection Alliance and, when asked if any Obeids were a member of it, he replied "funnily enough, no".

Craig Shaw was the next witness to take the stand, telling the inquiry he visits his hobby farm Oakdale every week or so.

He said when he brought the farm, he had no idea coal mining was on the agenda for the area.

Meanwhile, counsel assisting the inquiry, Geoffrey Watson, apologised for saying Mr Obeid bought a Mercedes worth $400,000 with the proceeds from a family trust account.

Mr Watson noted that it was because of his error that the media reported an incorrect figure.